Net revenues generated from the tax will be re-invested into affordable housing initiatives.

The proposed empty homes tax will include secondary units being booked full-time on the vacation rental website Airbnb, with the maximum fine for people who evade the levy set at $10,000.

Mayor Gregor Robertson said $10,000 is the maximum fine the city can impose under its charter, but it will consider a combination of the fine plus a higher tax rate for people who fail to self-declare.